Purchase Option Upon Default Sample Clauses
The "Purchase Option Upon Default" clause grants one party the right to buy certain assets or interests if the other party defaults on their obligations under the agreement. Typically, this clause outlines the conditions under which the purchase option becomes available, the method for determining the purchase price, and the process for exercising the option. By providing a clear mechanism for asset transfer in the event of default, this clause helps protect the non-defaulting party’s interests and offers a structured remedy to address breaches of contract.
Purchase Option Upon Default. Notwithstanding, and in addition to, the remedies provided the City in Section 16, and the City Option provided to the City in Section 12, the Owner hereby grants to the City the option to purchase the Home following written notice by the City to the Owner of the declaration of a Default by the City under this Agreement. This option to purchase is given in consideration of the economic benefits received by the Owner resulting from ownership of the Home made possible by the City's Affordable Housing Program. The City shall have Forty-five (45) days after a Default is declared to notify the Owner and the First Lender of its decision to exercise its option to purchase under this Section 17.33.110. Not later than Ninety (90) days after the notice is given by the City to the Owner of the City's intent to exercise its option under this Section 17, the City shall purchase the Home for the City Option Price, payable in cash or by assuming existing debt and paying the balance in cash, calculated in the manner set forth in Section 12B.
Purchase Option Upon Default. Notwithstanding, and in addition to, the remedies provided the City in Section 16, and the City Option provided to the City in Section 12, the Owner hereby grants to the City the option to purchase the Home following written notice by the City to the Owner of the declaration of a Default by the City under this Agreement. This option to purchase is given in consideration of the economic benefits received by the Owner resulting from ownership of the Home made possible by the City. The City shall have thirty (30) days after a Default is declared to notify the Owner and the First Lender of its decision to exercise its option to purchase under this Section 17. Not later than ninety (90) days after the notice is given by the City to the Owner of the City's intent to exercise its option under this Section 17, the City shall purchase the Home for the City Option Price, payable in cash or by assuming existing debt and paying the balance in cash, calculated in the manner set forth in Section 12B. During the term of this Agreement, the City shall have the right (but not the obligation) to bid on the purchase of any mortgage loan lien secured by the Home at the time of any trustee foreclosure sale or any judicial foreclosure sale. This City right is separate and distinct from the Default Purchase Option described above and no other provisions of this Section 17 shall limit or invalidate City's rights contained in this paragraph.
Purchase Option Upon Default. Notwithstanding, and in addition to, the remedies provided the City in Section 14, and the City Option provided to the City in Section 10, the Owner hereby grants to the City the option to purchase the Home following written notice by the City to the Owner of the declaration of a Default by the City under this Agreement. This option to purchase is given in consideration of the economic benefits received by the Owner resulting from ownership of the Home made possible by the Development Agreement. The City shall have thirty (30) days after a Default is declared to notify the Owner and the First Lender of its decision to exercise its option to purchase under this Section 16. Not later than ninety (90) days after the notice is given by the City to the Owner of the City's intent to exercise its option under this Section 16, the City shall purchase the Home for the Maximum Restricted Resale Price calculated in the manner set forth in Section 11. The City acknowledges and agrees that the City Option shall only be exercised by the City for the purposes of retaining the Home as an affordable home and that the Home may only be resold by the City to an Income Eligible Household.
Purchase Option Upon Default